ECONOMY
Turkey’s economic expansion has resulted in income growth and a burgeoning middle-class with increasing purchasing power. As the Turkish economy developed, it integrated with the global economy and saw a staggering increase in its volume of international transactions.
- Booming economy; more than tripling its GDP, reaching USD 851 billion in 2017, up from USD 231 billion in 2002 (TurkStat)
- Stable economic growth with an average annual real GDP growth rate of 5.8 percent between 2002 and 2017 (TurkStat)
- Promising economy with a bright future as it is expected to become one of the fastest growing economies among the OECD members during 2018-2019 with an average annual real GDP growth rate of 5.0 percent (OECD)
- 13th largest economy in the world and 5th largest economy compared with the EU in 2017 (GDP at PPP, IMF WEO)
- Institutionalized economy fueled by USD 193 billion of FDI in the last 15 years (CBRT)
- A dynamic and mature private sector with USD 157 billion worth of exports and an increase of 335 percent between 2002 and 2017 (TurkStat)
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